72 insights
News
New
Jan 14, 2021
Litman Gregory Annual Fund Review
Read Litman Gregory's annual review of the Osterweis Strategic Income Fund, where it continues to rate the fund as “Recommended” in its Absolute-Return-Oriented bond fund category.
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Outlook
New
Jan 13, 2021
First Quarter Equity Outlook
Several pundits have raised the possibility that the current Covid-recession will be followed by a boom reminiscent of the Roaring '20s. Although we think that may be a tad too optimistic, we think the recovery will continue and feel “real economy” stocks could fare particularly well.
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Video
New
Jan 12, 2021
January 12 Webinar Replay - Osterweis Strategic Income Fund Q4 Update
If you were unable to join our quarterly webinar, watch the the replay to hear updates on the Osterweis Strategic Income Fund.
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Outlook
New
Jan 6, 2021
First Quarter Strategic Income Outlook
Thanks to substantial support from the Fed, fixed income markets concluded 2020 near all time highs despite a faltering economy. In the near to medium term we think a cautious approach is warranted, but we also see encouraging signs of a more fulsome recovery ahead.
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Blog
New
Jan 6, 2021
Total Return Perspectives: December 2020
In December Treasury yields mostly edged higher, concentrated in longer maturities. Corporate bond spreads narrowed, as investors maintained their appetite for risk assets. While we are closer to widespread dissemination of a vaccine against Covid-19, recent virus data and new lockdowns present a more somber view as the year begins.
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Blog
New
Jan 6, 2021
2021 IG Outlook: Despite Headwinds, a Path Forward Exists
As the new year begins, the investment grade (IG) market faces multiple challenges, including a recovering economy, low yields, tight spreads, and record high duration. At the same time, market technicals remain favorable, fundamentals are improving, and there are attractive sectors in the index. Overall, we are modestly bullish about 2021 and feel there are compelling opportunities for those who know where to look.
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Blog
New
Dec 28, 2020
Back to (the New) Normal: Five Secular Growth Trends for 2021
The coronavirus pandemic is a once-in-a-lifetime event that transformed society and the economy almost overnight. We believe some of the most significant changes are likely here to stay, and we are focusing our investments on the secular growth trends we expect to strengthen as life returns to normal.
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Video
Dec 17, 2020
TD Ameritrade: Eddy Vataru Interview
Watch TD Ameritrade's interview with Eddy Vataru, lead Portfolio Manager for the total return fixed income strategy, who discusses his thoughts on how the Federal Reserve is managing interest rates in the current market environment.
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Podcast
Dec 16, 2020
Money Life with Chuck Jaffe: Interview with Eddy Vataru
Listen to Eddy’s interview on the “Money Life with Chuck Jaffe” podcast to hear his thoughts on how he is managing the Total Return Fund to address the risks and opportunities in the current investment grade market.
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Blog
Dec 7, 2020
The Case for Waste: Finding Growth in Garbage
Although investors don’t normally think about trash when they’re looking for growth stocks, we believe the solid waste industry is well-positioned to outperform. In our view, the combination of high barriers to entry, stable demand, and opportunities for consolidation should provide reliable revenue growth for the foreseeable future.
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News
Dec 4, 2020
Morningstar Magazine: Osterweis Emerging Opportunity Fund Profile
Morningstar Magazine recently published a profile on Jim Callinan, portfolio manager for the Osterweis Emerging Opportunity Fund (OSTGX). The profile delves into Jim's wealth of experience and how he's built an effective team here at Osterweis.
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Blog
Dec 3, 2020
Total Return Perspectives: November 2020
In November Treasury yields fell slightly, mostly concentrated in longer maturities. Corporate bond spreads narrowed sharply, paced by strong appetite for risk assets that began after election day. We also appear to be substantially closer to dissemination of a vaccine against Covid-19.
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Video
Nov 11, 2020
Yahoo! Finance Interview: Larry Cordisco
Watch Yahoo! Finance's interview with Larry Cordisco, who discusses the current rotation out of technology stocks and the potential impact of the Senate runoff elections in Georgia.
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Blog
Nov 5, 2020
Total Return Perspectives: October 2020
In October Treasuries resumed a steady rise in yields that began in August. Corporate and mortgage bond spreads narrowed, despite weakness in risk sentiment seen in equity markets. Although the election remains undecided, the bond market has rallied as investors are expecting a divided Congress – implying a smaller fiscal stimulus package and continued monetary support from the Fed.
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Podcast
Oct 27, 2020
Money Life with Chuck Jaffe: Interview with Jim Callinan
Listen to Emerging Opportunity Fund Portfolio Manager Jim Callinan's recent interview on the podcast “Money Life with Chuck Jaffe," where he discusses the answer to the question: "What is the right opportunity and what does it look like?"
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Video
Oct 27, 2020
October 27 Webinar Replay- Osterweis Fund & Osterweis Strategic Investment Fund Q3 Update
If you were unable to join our quarterly webinar, watch the replay to hear updates on the Osterweis Fund and Osterweis Strategic Investment Fund.
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News
Oct 16, 2020
Value Investor Insight: Osterweis Emerging Opportunity Fund Interview
In this article the Osterweis Emerging Opportunity Fund (OSTGX) team discusses how valuation factors into their growth strategy.
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Blog
Oct 6, 2020
Osterweis Total Return Fund Ranked #1 in Nontraditional Bond Category by US News & World Report
The Osterweis Total Return Fund was ranked against 311 funds in the nontraditional bond category, based on an equal weighting of the overall ratings provided by US News and World Report data sources as of August 31, 2020.
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Blog
Oct 2, 2020
Total Return Perspectives: September 2020
Treasuries were little changed in a month that saw yields confined to a very narrow range. Corporate and mortgage bond spreads widened slightly, consistent with the slight decline in equities and the uptick in equity volatility.
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News
Sep 25, 2020
Mutual Fund Observer: Osterweis Emerging Opportunity Fund Profile
Mutual Fund Observer recently published a profile on the Osterweis Emerging Opportunity Fund (OSTGX) and its portfolio manager, Jim Callinan. The profile delves into the fund and why they recommend it for "sustained, risk-conscious excellence."
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Blog
Sep 23, 2020
Is the Bond Market as Disconnected from Reality as the Stock Market?
Bob Veres of Insider’s Forum recently moderated a panel discussion featuring Eddy Vataru that explored the disconnect between the strength of the bond market and the weakness in the economy. Eddy explained that the situation is largely due to the Fed's monumental stimulus program, and he suggested strategies for investing in a low rate environment.
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Blog
Sep 23, 2020
Catching the Wave: Why Secular Growth Matters
In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy.
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News
Sep 14, 2020
CNBC: Emerging Opportunity Fund on the Hunt for Little-known Equity Gems
CNBC recently spoke with Jim Callinan about his experience as a portfolio manager and how he picks winning stocks for the Osterweis Emerging Opportunity Fund.
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Video
Sep 14, 2020
Bloomberg TV: John Sheehan Interview
Watch Bloomberg TV's interview with John Sheehan, Portfolio Manager for the total return fixed income strategy, who discusses opportunities in investment grade bonds and provides an overview of the current market. John's segment begins at 16:25.
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Video
Sep 14, 2020
Fixed Income Investing in a Low Rate Environment with Carl Kaufman & Eddy Vataru
In this video, Carl Kaufman, Lead Portfolio Manager for the Strategic Income Fund and Eddy Vataru, Lead Portfolio Manager for the Total Return Fund, share their thoughts on managing fixed income exposure and risks in a low rate environment.
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Video
Sep 3, 2020
TD Ameritrade: Eddy Vataru Interview on the Fed Update
Watch TD Ameritrade's interview with Eddy Vataru, lead Portfolio Manager for the total return fixed income strategy, who discusses his thoughts on the Federal Reserve's recent announcement about its view on inflation.
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Blog
Sep 3, 2020
Total Return Perspectives: August 2020
Treasuries took a breather in August as inflation fears gripped the market. Corporate and mortgage bond spreads held firm despite the lack of agreement on continued fiscal stimulus.
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Blog
Sep 1, 2020
Investment Grade Credit Update: An Exceptionally Eventful Year That Has Created Opportunities
The investment grade fixed income market has been unusually active in 2020. Initial concerns about Covid-19 triggered a sharp selloff, but sentiment abruptly reversed when the Fed announced plans to purchase corporate bonds. Spreads have nearly returned to their pre-pandemic levels, but not all sectors have recovered equally, creating interesting opportunities for savvy investors.
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Video
Aug 18, 2020
TD Ameritrade: Eddy Vataru Interview
Watch TD Ameritrade's interview with Eddy Vataru, lead Portfolio Manager for the total return fixed income strategy, who discusses his thoughts on the economic recovery and his outlook.
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News
Aug 14, 2020
Business Insider: Shifting from Post Pandemic Tech Themes into ‘Real Companies’
Business Insider recently spoke with Jim Callinan about how he is managing the Osterweis Emerging Opportunity Fund with a focus on companies that he believes can thrive in the evolving economic environment.
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Blog
Aug 14, 2020
A Bright Future for Renewables: Lower Costs and Rising Demand
Following decades of investment and cost reduction, electricity from renewable energy should be cheaper than most existing fossil- and nuclear-fueled electricity within the next three-to-five years. We believe selectively investing in operators with scale and cost advantages in this sector should be rewarding given the increasing demand for clean energy.
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Blog
Aug 6, 2020
Total Return Perspectives: July 2020
Monetary stimulus continued to dominate in July, as both risk assets and Treasuries performed well. Despite the resurgence of Covid-19 and the expiration of enhanced unemployment benefits, the market remained stable due to ongoing support from the Federal Reserve.
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Podcast
Jul 22, 2020
Money Life with Chuck Jaffe: Interview with Larry Cordisco
Listen to Larry Cordisco's recent interview on the podcast “Money Life with Chuck Jaffe," where he discusses the effects of Covid-19 on the market and a couple of stocks he feels will fare well in this environment.
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Blog
Jul 8, 2020
Steepening the (Adoption) Curve: Covid-19 and Digital Transformation
In the era of social distancing, technology has become even more integrated into our personal and professional lives. We believe this trend will persist even after the pandemic passes, and we expect it will particularly benefit firms that support remote working arrangements and eCommerce, two areas where we anticipate accelerating adoption and sustained growth.
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Blog
Jul 7, 2020
Press Release: Osterweis Total Return Fund Receives Five Star Morningstar Rating
The fund was rated over the past 3-years and overall against 289 funds in the nontraditional bond category, based on total returns as of May 31, 2020.
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Blog
Jul 6, 2020
Total Return Perspectives: June 2020
Fiscal and monetary stimulus have continued to provide stability to markets. Fundamental valuations seem to have decoupled from market levels as reopenings reverse and Covid-19 cases seem to be rising more rapidly.
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Blog
Jun 29, 2020
Press Release: Osterweis Emerging Opportunity Fund Receives Five Star Morningstar Rating
The fund was rated over the past 3 years and overall against 583 funds in the small cap growth category based on total returns, as of May 31, 2020.
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Blog
Jun 11, 2020
Weathering the Storm: Data Shows Consumers Are Holding Up Better Than Expected
According to Daniel Oh, remittance data for asset-backed securities suggests borrowers have embraced Covid-19 assistance programs, mitigating the initial impact of the downturn. However, if the recovery is slow he expects delinquencies and charge-offs to increase.
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Blog
Jun 2, 2020
Total Return Perspectives: May 2020
Fiscal and monetary stimulus have stabilized markets. Looking ahead we believe risk assets could continue to outperform Treasuries despite potentially weak economic data, largely due to Fed purchases.
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Video
May 27, 2020
Webinar Replay - Managing Downside Risk in a Volatile Market
If you were unable to join the webinar: Managing Downside Risk in a Volatile Market, during which Larry Cordisco and John Osterweis discussed their perspectives on managing the risk in the a volatile market, you can now watch the replay.
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Video
May 11, 2020
Webinar Replay - A Roadmap for Fixed Income Investing in a Pandemic Economy
If you were unable to join Eddy Vataru when he recapped the fixed income landscape since the 2008 financial crisis and outlined a framework for assessing the risks and opportunities within investment grade bonds in the current market environment, you can watch the replay here.
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Blog
May 5, 2020
Total Return Perspectives: April 2020
While fiscal and monetary stimulus have stabilized markets, we believe continued economic weakness will stunt the performance of risk assets.
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Video
May 3, 2020
TD Ameritrade: Craig Manchuck Interview
Watch TD Ameritrade's interview with Craig Manchuck, Portfolio Manager of the Osterweis Strategic Income Fund, who discusses takeaways from market volatility levels.
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Podcast
Apr 21, 2020
Money Life with Chuck Jaffe: Interview with Eddy Vataru
Listen to Eddy’s interview on the “Money Life with Chuck Jaffe” to hear his thoughts on fixed income investing during the pandemic economy. The coronavirus has put such a big wrench in the markets that it's forcing investors to reconsider their entire playbook
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Blog
Mar 30, 2020
The Plumbing Clogged, but Do Not Throw Out the Baby With the Bath Water
According to John Sheehan, the recent selloff in Investment Grade fixed income was exacerbated by technical factors. In his view, regulatory changes implemented after the 2008 crisis removed a critical shock absorbing mechanism that caused spreads to spike.
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Blog
Mar 18, 2020
Gene Therapy: A Transformative Approach to Patient Care
Following decades of academic research and behind-the-scenes progress, gene therapy has emerged as one of the most promising fields in medicine. This revolutionary technology addresses the root causes of genetic disorders, creating not only better patient outcomes but also compelling investment opportunities.
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Audio
Mar 11, 2020
REPLAY: Osterweis Capital Management Market Update
If you were unable to join our market update, when we discussed Coronavirus, recent market volatility, and our market outlook, you can now listen to the replay by clicking on the player below.
OCM Conference Call Replay
Blog
Mar 3, 2020
Press Release: Osterweis Total Return Fund Celebrates 3-Year Anniversary
The fund’s Sharpe Ratio is in the top 1% of its Core Fixed Income Lipper peer group.
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Blog
Mar 3, 2020
Lesson from Kraft Heinz Downgrade: Bondholders Beware
Kraft Heinz’s recent downgrade demonstrates that bondholders can no longer assume issuers are committed to maintaining their investment grade rating, and investors who are caught off guard will pay the price.
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Blog
Mar 2, 2020
Total Return Perspectives: February 2020
The Treasury rally intensified in February, driven by the global spread of the coronavirus.
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Video
Feb 18, 2020
Webinar REPLAY - A Roadmap for Fixed Income Investing in a Low Rate Environment
If you were unable to join Eddy Vataru when he shared practical insights into developing an investment grade strategy that is flexible enough to handle today’s new realities, you can watch the replay here.
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Podcast
Feb 10, 2020
Money Life with Chuck Jaffe: Interview with Carl Kaufman
Listen to Carl's recent interview on the podcast “Money Life with Chuck Jaffe," where he discusses his fixed income outlook and the influence of central banks on the market.
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Blog
Feb 6, 2020
Total Return Perspectives: January 2020
The 2019 Treasury rally continued into January as the Coronavirus spread through China and cases began to be reported globally.
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Blog
Jan 13, 2020
2020 Investment Grade Credit Outlook: Take a Scalpel, Not an Axe
2019 was an exceptional year for investment grade fixed income, but according to John Sheehan, the market is unlikely to repeat itself in 2020. He feels active portfolio management and effective credit selection will drive performance this year.
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Blog
Dec 17, 2019
Negative Rates in the U.S.? We Don’t Think So
Although trillions of dollars of global debt currently “pays” negative yields, according to Eddy Vataru, the size and supply/demand dynamics of the U.S. mortgage market will keep domestic rates positive for the foreseeable future.
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Blog
Oct 11, 2019
When Evaluating Venture-Backed Initial Public Offerings, Patience Is a Virtue
The venture capital industry has created a robust pipeline of new public companies, but in our view discipline is the key to finding the best opportunities.
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Podcast
Sep 7, 2019
Money Life with Chuck Jaffe: Interview with Eddy Vataru
Listen to Eddy’s recent interview on the “Money Life with Chuck Jaffe” podcast to hear his thoughts on the inverted yield curve and the likelihood of a recession.
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Blog
Aug 23, 2019
Aligned Incentives: Our Key to Navigating the Diverse High Yield Market
In our experience, family-owned private firms and small-to-medium sized public companies are most likely to borrow responsibly and prioritize bondholders ahead of other investors.
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Blog
Aug 13, 2019
Investment Grade Credit Report: An Impressive First Half
According to John Sheehan, accommodative Fed policy and favorable market technicals drove the investment grade credit market’s strong start to 2019.
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Blog
Jul 5, 2019
Convertible Bonds: An Underappreciated Source of Alpha
Although most investors ignore the opportunities presented by these flexible fixed income securities, they are an integral component of our strategy.
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Video
Apr 16, 2019
Webinar REPLAY - Managing for Total Returns in an Uncertain Environment
If you were unable to join our webinar about Managing for Absolute Returns in an Uncertain Environment, hosted in partnership with AdvisorPerspectives, you can watch the replay here.
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Blog
Apr 15, 2019
A Contrarian View: Now Is Still the Time to Invest in Growth
In early November 2018 we published a blog post claiming that the time was right to invest in growth. In this piece, we revisit our analysis and draw the same conclusion.
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Blog
Mar 21, 2019
Don’t Believe the Hype: An Inverted Yield Curve Does Not Guarantee a Recession
Conventional wisdom dictates that recessions occur every time the yield curve inverts, but in our view that is an oversimplification.
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Blog
Mar 14, 2019
A New Paradigm for Stocks: Digital vs. Decline, Not Growth vs. Value
As the influence of technology continues to increase, we believe investors need to reconsider the relevance of both the traditional style matrix and sector classifications.
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Blog
Jan 15, 2019
Not as BBBad as You’ve Heard – Despite Negative Headlines, We Do Not Anticipate a Wave of Downgrades
BBB issuers have received a lot of bad press recently, but John Sheehan believes the perception is worse than the reality and that credit selection is key to finding good risk adjusted returns.
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Blog
Dec 10, 2018
U.S. Consumers Poised to Drive Demand in 2019: Which Companies Can Capitalize?
In his 2019 preview, Jim Callinan explains why he feels retail businesses are the likely engines for growth and shares his views on sectors and firms that should outperform.
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Blog
Nov 5, 2018
A Contrarian View: Now Is the Time to Invest in Growth
With the U.S. economy now in its ninth year of expansion, investors have become wary of growth stocks and their higher multiples. The ongoing market volatility has increased these concerns, but research from Cornerstone Macro suggests that a slowdown in the economy may in fact be favorable for growth companies.
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Blog
Oct 5, 2018
Leveraged Buyouts: Risks May Lurk Beneath the Surface of These Popular Deals
The recent Blackstone->Thomson Reuters acquisition reminded us once again why we need to be extra vigilant when evaluating sponsor backed deals.
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Blog
Oct 2, 2018
The Case for Concentrated Portfolios
When it comes to investing, we have always believed that focus is more important than breadth. In our latest paper, John Osterweis and Jim Callinan discuss the advantages of concentrated portfolios.
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Blog
Sep 5, 2018
Finding Growth in Unexpected Places: Cyclical Industries
Jim Callinan explores three firms from traditionally slow-growing cyclical industries that he believes are building businesses well-positioned to outperform the market.
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News
Aug 13, 2018
New York Times: John Osterweis Discusses Investing In the Era of Tariffs
In this NYT article, our chief investment officer suggests strategies that limit exposure to the ongoing tariff disputes.
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Blog
Jul 6, 2018
MedTech Disruptors: Combining Better Patient Outcomes with Direct-to-Consumer Marketing
Jim Callinan discusses how these three innovative MedTech firms are leveraging direct-to-consumer marketing to accelerate growth and disrupt their industry.
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